Revolut Partners with Pyth Network to Enhance DeFi Ecosystem

Revolut Joins Pyth Network as Data Publisher

In a significant move to bridge the gap between traditional finance and decentralized finance (DeFi), Revolut, a UK-based digital banking giant, has partnered with the Pyth Network as a data publisher. This collaboration enables Revolut to contribute its price data to the blockchain-based oracle network, further enriching the growing DeFi ecosystem.

Narrowing the Gap between Traditional Finance and DeFi

The integration of Revolut with Pyth Network reflects the increasing adoption of blockchain technology across financial technology and related ecosystems. As the gap between traditional finance and DeFi continues to narrow, the Pyth Network’s oracle solution plays a crucial role in this evolution. The platform aims to expand alongside industry giant Chainlink (LINK), providing web3 users and institutions with enhanced transparency and reliability.

Growing Recognition of Digital Assets and DeFi

Mike Cahill, CEO of Duoro Labs and a contributor to the Pyth Network, highlighted the growing recognition of digital assets and DeFi within traditional finance. “Pyth’s collaboration with Revolut is part of a larger trend we’re seeing, where traditional banking institutions, trusted by millions of customers globally, are recognizing the value of decentralized finance and digital assets. Together, we are driving the future of finance, where transparent and reliable data empowers the next generation of financial applications,” he noted.

Enhancing Security and Reliability of Decentralized Applications

As a data publisher on Pyth Network, Revolut will contribute to Pyth’s price feeds, enhancing the security and reliability of decentralized applications. In turn, Pyth will leverage Revolut’s market expertise to provide accurate and dependable price feeds to dApps. This partnership marks a significant step in expanding Revolut’s presence in the web3 space.

About Revolut and Pyth Network

Revolut, launched in 2015, has grown to over 45 million users and offers its services in 200 countries. The Pyth Network continues to expand, with more than 120 data providers, over 590 price feeds, and integration across 450 dApps.

Conclusion

The partnership between Revolut and Pyth Network is a significant step towards bridging the gap between traditional finance and DeFi. By contributing its price data to the Pyth Network, Revolut enhances the security and reliability of decentralized applications, while Pyth leverages Revolut’s market expertise to provide accurate and dependable price feeds. This collaboration reflects the growing recognition of digital assets and DeFi within traditional finance, driving the future of finance towards transparency and reliability.

Source: Crypto.news

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